Dell invests in Wright Express
Michael Dell, the founder of computer maker Dell, is now one of South Portland-based Wright Express' largest shareholders.
MSD Capital L.P., the investment firm that manages Dell's personal capital, yesterday disclosed in filings to the Securities and Exchange Commission that it now owns nearly 2.2 million shares of common stock in Wright Express, or 5.7% of the company's roughly 39 million outstanding shares. The purchase places MSD as one of the largest shareholders of Wright Express, a provider of payment processing and information management for U.S. commercial truck fleets. The company's largest shareholder is New York-based Neuberger Berman LLC, which owned 3.8 million shares of common stock, or roughly 9.7% of the outstanding shares, as of March 7, according to a proxy statement in April from Wright Express to its shareholders.
MSD has owned stock in Wright Express in the past, but a recent purchase that put the firm's ownership of the company above five percent must have triggered the SEC filing, Steve Elder, Wright Express' VP of investor relations, told Mainebiz yesterday. "We trade 300,000 to 400,000 shares on average day," Elder says. "So for someone to buy 2 million shares a day...it's nearly impossible that they did that in one day."
Wright Express' stock has dropped over the past few months. At the close on Monday, the stock was trading at $23.63. But as recently as early June, it was trading above $30 a share. Based on Monday's close, MSD's holdings in Wright Express are worth more than $52 million.
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